Renault-Nissan CEO Carlos Ghosn on the future of cars

carlos-ghosn Renault-Nissan is the fourth largest car maker in the world. And yet, Tesla seems to be getting more headlines than a company like Renault-Nissan. I got the chance to interview Renault-Nissan’s CEO Carlos Ghosn to talk about self-driving cars, electric cars and the company’s recent partnership with Microsoft. This interview was slightly edited for clarity. TechCrunch: What are… Read More

Watch the new Rogue One: A Star Wars Story trailer right here

screen-shot-2016-10-13-at-8-00-37-am The latest trailer for the newest Star Wars movie is here – Rogue One: A Star Wars Story‘s second trailer emphasizes the father/daughter relationship between hero Jyn Erso and a character who seems like he’s a key architect behind the Death Star (Mads Mikkelsen) even more than did the last trailer. Otherwise it really provides a lot more time for Erso herself to speak, and… Read More

Giant migrant brand Lebara to launch against FX startups like Transferwise, Azimo

This weekend Lebara — the mobile network business which has become a universally recognised brand for the world’s migrant community — is to enter the international money transfer market, potentially putting the squeeze on tech newcomers like Transferwise and Azimo. Given that migrants are the primary market for international money transfers, this could hinder the growth of… Read More

Tinder’s new Smart Photos show just how well the app knows you

tindermatch Ever wonder which of your selfies is best? Tinder wants to help you figure it out, with the launch of a new feature called Smart Photos. And Smart Photos, in turn, show us just how much Tinder is a big data company, meticulously collecting information about what (and who) you like and don’t like. Smart Photos is a single toggle in the Profile section of the app. When toggled on,… Read More

Fintech and Shotguns

Scott Eblen talks about fintech and break traditions at ProductTank London

In this talk from ProductTank London, Scott Eblen (previously Chief Product Officer at Nutmeg) shares some key lessons about product development in Fintech, and uses an interesting analogy to reframe the experience of product development in the Fintech world: manufacturing lead shot.

Be Ready To Ignore Tradition

In this case, there are actually two traditions that Scot highlights. In the finance tradition, interfaces are essentially all graphs designed for financial professionals (not general consumers), and they are all backwards-looking. However, most consumers are not adept at making sense of visually complex data, and what they actually want to know is whether they’ll have enough monty for the future.

It is crucial that Nutmeg focuses on the future when describing financial investments, and finds a better representation of their data, as that’s what people care about and understand.

In addition, it’s worth being ready to ignore tech traditions. Most Startups live and die by their Daily Active Users, but for Nutmeg, if people are checking on their investments every day, then it’s pretty likely they’re about to churn. So Daily Active Users are actually not a good metric of success for them.

And whole so many tech companies are scrambling to be mobile-first, it’s also worth remembering that logging in to financial services on your mobile phone can a risky, not because of security risks (although those are present), but because it’s hard to get all the information you need to make a good investment decision via a mobile interface.

Be Guided By Nature

As a general rule, it’s wise to design your products to take into account natural human behaviour, and this is especially true when you are building a financial product. You can clearly see the impact of human psychology in financial decisions – for example, on average, investors’ perform about 20% below the funds that they actually invest in, simply because of natural forces at work in people’s decision-making behaviour.

One such behaviour is loss aversion (wherein people apparently “feel” their losses almost 2.5x more than they feel their gains), and another example that Scott highlights is anchoring (wherein peoples’ purchasing decision-making changes depending on the first value option that they see). Taken together, this means that your default values and value propositions are critical to defining how your customers see your product and their own financial context!

But it’s not all bad news – a final example from Nutmeg is the impact of social proof – just showing a map of people investing helped increase conversion by 6%!

Wrangle Regulation

Regulators can be hugely valuable or they can be highly irrational. As an example of the latter the FCA do not allow the terms “capital” and “money” to be swapped in warning statements, despite the use of the former confusing consumers.

On a more positive note, Nutmeg were able to teach regulators new ways of understanding how consumers were interacting with their products, such as using heat maps to show that advice about risk assessment was valued and safe online. In both cases, it’s worth putting in the time to develop a close relationship and understanding with financial regulators, as it can secure you a huge competitive advantage in the long run.

Embrace Diversity

Bankers & tech people come from very different cultures, and they bring very different language and expectations with them. When you’re bringing together a diverse team like this, it’s worth understanding the differences and setting some expectations for everyone. Once you get those diverse perspectives and backgrounds working together, they become a competitive advantage that allows you to borrow powerful ideas from one domain and apply them in new fields that have never seen them.

Wrapping up

Don’t be afraid to do things that are different to the ways that a traditional industry has approached it, but by the same token, in markets like fintech and medtech, you have to work with the regulators to do form your new path. Make sure you take as many different perspectives as possible into your company, and that you learn a lot from pre-existing companies and powerful ideas, whatever their source.

The post Fintech and Shotguns appeared first on MindTheProduct.

Stop Hacking Your Success — Start Building

The word hack has a colorful history. Not so long ago, if someone had suggested you had hacked your way to the top, you probably would have given them a sideways glance. The word described someone who performed mediocre work not someone to emulate.

Stop Hacking Your Success — Start Building

The word hack has a colorful history. Not so long ago, if someone had suggested you had hacked your way to the top, you probably would have given them a sideways glance. The word described someone who performed mediocre work not someone to emulate.

Get your tickets to Hardware Alley at Disrupt London 2016 now

LONDON, ENGLAND - DECEMBER 08:  during TechCrunch Disrupt London 2015 - Day 2 at Copper Box Arena on December 8, 2015 in London, England.  (Photo by John Phillips/Getty Images for TechCrunch) Good news, hardware startups. If you’ve been waiting for the day you’d finally be able to get your hands on tickets to display in Hardware Alley at Disrupt London 2016, you’ll be happy to know that today is the day. Tickets to Hardware Alley are available here. For just £650 plus VAT, your hardware startup will get a spot in the alley for one day for as many as two people… Read More